Dear Seniors,
I need some clarifications from you. I am YD Gopaul, Manager-Admn & Accounts, Sahney Commutators Pvt Ltd, Bangalore. Four of our staff retired last year after attaining the age of 58 years, and our company has given them an extension, allowing them to continue in service on a monthly salary basis. We are recovering PF as usual from them and remitting only EPF at 12% along with the employer's contribution, not including the pension.
Kindly let me know if it is necessary to mark the retirement date in the PF portal against their UAN with respect to EPS only. Can we continue in the payroll by remitting only the EPF collected along with the employer's contribution? By following this procedure, will their EPF accounts be credited so they can withdraw the same after leaving the service?
Thanks and Regards,
YD Gopaul
From India, Bengaluru
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2I need some clarifications from you. I am YD Gopaul, Manager-Admn & Accounts, Sahney Commutators Pvt Ltd, Bangalore. Four of our staff retired last year after attaining the age of 58 years, and our company has given them an extension, allowing them to continue in service on a monthly salary basis. We are recovering PF as usual from them and remitting only EPF at 12% along with the employer's contribution, not including the pension.
Kindly let me know if it is necessary to mark the retirement date in the PF portal against their UAN with respect to EPS only. Can we continue in the payroll by remitting only the EPF collected along with the employer's contribution? By following this procedure, will their EPF accounts be credited so they can withdraw the same after leaving the service?
Thanks and Regards,
YD Gopaul
From India, Bengaluru
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The system you are following is perfect. You can continue as such. After retirement or after 58 years of age, if any employee continues in the service, they should be given PF without Pension Fund contribution. You can exit them from the Pension Fund only and continue to contribute the entire 12% payable by you to their PF. With this, they can withdraw the PF after leaving your organization at their will.
From India, Kannur
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From India, Kannur
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2016 Nov 01 Payment of PF & EPS on the date of retirement.pdf